Fintech company, Unlimit has announced its entry into the Tanzanian market by receiving the Bank of Tanzania (“BOT”) licence. This marks another significant step in the company’s expansion within the region.
The approval of Unlimit as an authorised payment service provider by the BOT will allow the fintech to provide a range of new offerings such as business payments, merchant services and outbound payments, among other things in the Tanzanian market.
The launch of Tanzanian operations marks an important step in Unlimit’s broader strategy of expanding into Africa and follows the approval of similar licences last year in Nigeria and Kenya.
Speaking about the Tanzanian expansion, Peter Mlay, Head of Tanzania, Unlimit said:
“We thank the regulators for their support and guidance, and we are now looking forward to onboarding international and local merchants, businesses and entrepreneurs and driving more value and consumer choice across the Tanzanian market through our unique payment solutions.”
Founded in 2009, Unlimit is a global fintech company that offers a large portfolio of financial services, including payment processing, banking as a service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi.
The company’s mission is to deliver solutions that eliminate financial borders, enabling businesses to operate, both locally and internationally with ease, across Europe, the UK, LatAm, APAC, and Africa. Based in London, Unlimit has 500 employees across 16 offices and five continents, including Frankfurt, Singapore, São Paulo, Hong Kong, and Mexico.
By launching operations in a third African country, Unlimit has underscored its continued commitment to enhancing its presence and investment in the region by expanding the reach of its proprietary payment infrastructure across the continent.
In addition, this infrastructure will remove existing barriers to regional and global trade for the country’s entrepreneurs, as the company continues to work towards its mission of eliminating financial borders globally.
Cross-border transactions have been growing consistently over the last few years, according to BCC Research, the market is projected to grow to $238.8 billion by 2027, at a CAGR of 5.3 percent. Unlimit aims to give clients the freedom and flexibility to pay from anywhere, at any time, eliminating any limitations that keep businesses from expanding.
Trevor Goott, Director for Africa and India, Unlimit, said:
“It’s a tremendous opportunity to launch our operations in Tanzania and we’re excited to bring our unparalleled payments infrastructure to yet another market in Africa. Through digital payment solutions expertly tailored to the continent, we strongly believe we can help consolidate the fragmented African payments landscape and drive broader economic growth by providing the best possible support to local businesses and entrepreneurs. We are building for the long-term.”
Unlimit changed its ts name from Unlimint in May 2023 to align the company’s brand with its new positioning and mission.
The fintech company was initially launched in 2009 to focus on payment processing services. However, in its 14 years of existence, the company has never stopped expanding its capabilities and product offerings, constantly implementing new solutions that answer the ever-changing demand of the market.
Kirill Evstratov, CEO at Unlimit in an article on Techcrunch described his team’s passion thus:
“This innovative approach to banking is helping drive financial inclusion worldwide by making banking services more accessible, convenient, and affordable for people previously excluded from the traditional banking system due to their location, income level, or lack of credit history. My team at Unlimit is helping to lead this innovative solution globally.”
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